Private firms that lease out trains for Britain’s railway have seen their profits treble in a year, with more than £400m paid in dividends, official figures show.

The rolling stock companies paid out a total of £409.7m to shareholders and profit margins rose to 41.6% in 2022-23, according to the Office of Rail and Road, as the rest of the railway was told to make swingeing cuts and salaries were frozen. Taxpayer subsidies are still running at twice pre-pandemic levels.